Power exchange JV to be set up by FT, MCX, PTC

Kolkata: Financial Technologies (India), Multi Commodity Exchange and Power Trading Company are coming together in a joint venture to set up a national electronic electricity exchange.

The proposed exchange, Indian Energy Exchange (IEEL) has applied for a licence to Central Electricity Regulatory Commission for approval to begin short-term power trading.

The company said it will set up and run a power exchange in accordance to the guidelines issued by CERC for establishing and running a power exchange.

Short-term power trading or trading on day requirement accounts for 15 percent of the total power trading.

The exchange plans to induct more institutions as strategic partners and hence has not yet finalized the holding pattern among the lead promoters. However, the combined holding of FT and MCX will be not less than 51 percent.